Widely followed analyst PlanB predicts that the timeline in which Bitcoin (BTC) will trigger a rally to new all-time highs.
The quantitative analyst explains in a new video update tells According to its 96,300 YouTube subscribers, BTC is unlikely to ever fall below $31,000 again, based on Bitcoin’s 200-week moving average.
“Historically, when Bitcoin deviates from the moving average line, [it] won’t fall below that mark, so that could mean – no guarantee – but it could mean, that’s my view as well, that we won’t fall below $31,000 again. It’s kind of like a floor at this point.
The cool thing is that this bottom is rising, because as you can see the 200-week moving average is always going up, it’s always rising, so next month it won’t be $31,000, it’ll be $32,000 or $35,000.”
PlanB goes on to say that the top crypto assets by market capitalization are likely to hit a new all-time high in the fourth quarter of this year before eventually crashing.
“After the 90% [orange dots] always comes 100% [red dots], the new all-time record. So this means that we [will] in my opinion another all-time high before another crash, and usually that’s six months after the halving, so that would be October [of] this year we could see a new all-time record.”
The next BTC halving is scheduled for April and will see miners’ Bitcoin rewards halved.
Bitcoin is trading at $42,860 at the time of writing, down fractionally over the past 24 hours.
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Generated image: Midjourney